SAN FRANCISCO, Aug. 16, 2022 /PRNewswire/ -- The global mining equipment market size is anticipated to reach USD 368.99 billion by 2027, exhibiting a CAGR of 12.7% over the forecast period, according to a new report by Grand View Research. The right and reliable equipment results in the smooth functioning of mining operations that help in the maintenance of profit by focusing on the aspect of controlling costs. The equipment of modern mining has been improved and is designed with innovative features in a way to ensure the safety of workers. For instance, in 2019 the occupational mining fatality rate was 10.5% which ensured that accidents at mining centers were less compared to other years.
To reduce mining accidents and maintain overall productivity, there has been the innovation of digital mine to bring about transformation in the mining industry. The purpose of focusing on the development of the digital mine is to make improvements and bring innovation through technologies suitable for conducting mining operations. Due to this, the market for mining equipment is forecasted to be worth USD 368.99 billion at a 12.7% CAGR from 2022 to 2027 which is expected to trigger high demand for innovative mining equipment.
Key Industry Insights & Findings from the report:
Read 230-page full market research report for more Insights, "Mining Equipment Market Size, Share & Trends Analysis Report By Equipment (Surface, Underground), By Application (Metal, Non-metal, Coal), By Region, And Segment Forecasts, 2020 - 2027", published by Grand View Research.
Mining Equipment Market Growth & Trends
Nowadays mining operations are 28% less productive across all nations owing to ore grades that are frequently declining. To avoid such a circumstance, the mining industry is presently focusing on the achievement of a breakthrough in productivity performance with the implementation of technological and digital innovation. The applications of such innovations comprise a detailed understanding of resources, optimization of equipment and materials, overcoming operational failures, enhanced mechanization through automation, and keeping a track of real-time performance. These applications are readily available and affordable and have the potential to carry out operational functions across the industry, thus resulting in the transformation of mining.
Moreover, the adoption of digital mine innovation is not possible without efficient investments and support from the government worldwide. The government's support includes the adoption of new technologies and the development of digital infrastructure to provide support to the operations of the present and future coal mines, hence resulting in reduced dependency on imports. Digital innovation will successfully bring modifications to the mining industry with the provision of multi-speed information technology and the distribution of new technologies through infrastructure systems. Therefore, it can be stated that the implementation of digital mine innovation in the mining industry will create a positive impact on mining operations in terms of environmental protection, safety, productivity, and opportunities for workers.
The overall mining industry is facing changes due to the digital advancements for transforming the mining operations, thus driving the growth of the mining equipment market. The strategy for bringing digital innovation into the industry is due to pressures like the COVID-19 outbreak, challenges in supply chain systems, and reduction in commodity rates. These factors have boosted the requirement to reconsider the mining operations through digital transformation by reducing cost and making profits through work processes as well as the provision of data insights for driving strategic decisions. Thereby, there can be an increase in the mining operations by 10-20% with the implementation of digital innovation for transforming the mining equipment market.
Technology is becoming a crucial factor for mining organizations because automation and digitalization are gaining encouragement for initiating innovation for mining equipment and operations globally. The acceleration in the growth of the mining equipment market is based on the increase of partnerships in the mining industry by 11% owing to the possibility of innovation. Hence, technological advancements like artificial intelligence (AI), data analytics, and the internet of things (IoT) all come under the category of industry 4.0, thus responsible for the transformation of mining in terms of the production cycle, reduction in downtime, and assisting operators to diminish their carbon footprint.
On July 25th, 2022, GCM Mining Corp. partnered with Aris Gold Corporation wherein GCM acquired the shares of Aris Gold, thus resulting in a top-class company with multiple assets. Additionally, in the upcoming future, there will be increased sales owing to the partnership and opportunities will be created by the development of big-scale mining companies which will enhance the growth of the mining equipment market.
On July 5th, 2022, an agreement was announced between Hecla Mining Company and Alexco Resource Corp. in which Hecla acquired all the common shares of Alexco. In return, Hecla provided working capital for ensuring the development and advancement of the mining site, Keno Hill. This benefited the shareholders of Hecla in gaining a property that comprised a mining infrastructure with an on-site camp facility, access to highways, and a hydropower grid connection.
Mining Equipment Market Segmentation
Grand View Research has segmented the global mining equipment market on the basis of equipment, application, and region:
Mining Equipment Market - Outlook (Revenue, USD Billion, 2016 - 2027)
Mining Equipment Market - Application Outlook (Revenue, USD Billion, 2016 - 2027)
Mining Equipment Market - Regional Outlook (Revenue, USD Billion, 2016 - 2027)
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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